The US Dollar surged by 97 basis points or 0.74% against the Canadian Dollar on Thursday. A breakout occurred through the upper line of a descending channel pattern during Thursday’s trading session.
Given that a breakout has occurred, the exchange rate could continue to trend bullish during the following trading session. The possible target for the USD/CAD pair would be at the 1.3300 level.
However, the currency exchange rate is likely to make a brief pullback towards the 200– hour simple moving average at 1.3194 within this session.
